Net Loss Per Share/Unit

The General Partner’s unvested Restricted Shares contain non-forfeitable rights to dividends and are considered to be participating securities in accordance with U.S. GAAP and, therefore, are included in the computation of earnings per share under the two-class computation method. Under the two-class computation method, net losses are not allocated to participating securities unless the holder of the security has a contractual obligation to share in the losses. The unvested Restricted Shares are not allocated losses as the awards do not have a contractual obligation to share in losses of the General Partner. The two-class computation method is an earnings allocation formula that determines earnings per share for each class of shares of Common Stock and participating securities according to dividends declared (or accumulated) and participation rights in undistributed earnings.

Net Loss Per Share

The following is a summary of the basic and diluted net loss per share computation for the General Partner for the three months ended March 31, 2017 and 2016 (dollar amounts in thousands):



	Three Months Ended March 31,
	2017			2016
Net income (loss) attributable to the General Partner	$	14,438		$	(113,086	)
Dividends to preferred shares and units	(17,973		)	(17,973		)
Net loss available to the General Partner	(3,535		)	(131,059		)
Earnings allocated to participating securities	(178		)	(125		)
Net loss available to common stockholders used in basic and diluted net loss per share	$	(3,713	)	$	(131,184	)

Weighted average number of common stock outstanding - basic and diluted	973,849,610			903,825,726

Basic and diluted net loss per share attributable to common stockholders	$	(0.00	)	$	(0.15	)

For the three months ended March 31, 2017, diluted net loss per share attributable to common stockholders excludes approximately 0.7 million of unvested Restricted Shares and Restricted Stock Units and approximately 23.7 million OP Units as the effect would have been antidilutive.

For the three months ended March 31, 2016, diluted net loss attributable to common stockholders excludes approximately 4.4 million of unvested Restricted Shares and Restricted Stock Units and approximately 23.8 million OP Units as the effect would have been antidilutive.

Net Loss Per Unit

The following is a summary of the basic and diluted net loss per unit attributable to common unitholders, which includes all common general partner unitholders and limited partner unitholders. The computation for the OP for the three months ended March 31, 2017 and 2016 (dollar amounts in thousands):



	Three Months Ended March 31,
	2017			2016
Net income (loss) attributable to the Operating Partnership	$	14,797		$	(116,041	)
Dividends to preferred units	(17,973		)	(17,973		)
Net loss available to the Operating Partnership	(3,176		)	(134,014		)
Earnings allocated to participating units	(178		)	(125		)
Net loss available to common unitholders used in basic and diluted net loss per unit	$	(3,354	)	$	(134,139	)

Weighted average number of common units outstanding - basic and diluted	997,597,957			927,589,523

Basic and diluted net loss per unit attributable to common unitholders	$	(0.00	)	$	(0.15	)

For the three months ended March 31, 2017, diluted net loss per unit attributable to common unitholders excludes approximately 0.7 million of unvested Restricted Shares and Restricted Stock Units as the effect would have been antidilutive.

For the three months ended March 31, 2016, diluted net loss attributable to common unitholders excludes approximately 4.4 million of unvested Restricted Shares and Restricted Stock Units as the effect would have been antidilutive.